Online payments platform Paytm has refuted reports of 25-50 per cent workforce reduction, calling them ‘baseless’ and added that they ‘inaccurately represent the company’s operational and strategic planning’, sources reported.
Paytm has said that it currently engaged in the annual appraisal process, which is a standard practice across organisation and does not indicate layoffs.
The company in its exchange filing also said that its restructuring efforts and performance-related adjustments are ‘misconstrued’ as layoffs.
“The claims of layoffs affecting 50% of our workforce are unfounded and misleading. We are focused on sustainable growth, innovation, and providing exceptional service to our customers. We urge our stakeholders and the public to rely on factual and verified information from official sources and disregard speculative narratives,” the sources quoted the Paytm statement.
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